AAOI
Applied Optoelectronics, Inc.
AAOI has the edge over OPFI overall, supported by stronger fundamentals and stronger modeled upside.
OPFI
OppFi Inc.
OPFI has lower modeled downside risk, despite its lower overall score.
AAOI Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Under pressure | |
| Weak | |
| Unavailable |
AAOI's revenue is currently strong, but its profitability and cash flow are under pressure. There isn't enough data to rate its balance sheet.
OPFI Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Strong | |
| Strong | |
| Stable |
OPFI's profitability and cash flow are currently strong, and its balance sheet is stable, but its revenue is under pressure.
AAOI PE Valuation
AAOI has no meaningful PE right now: it lost money over the past year. If it returns to profit as analysts expect, today's price would be 18x next year's earnings.
OPFI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 2.3x | $5.91 | — |
| Cheap | 4x | $10.45 | +77% |
| Forward | 4x | $5.91 | — |
| Fair | 34x | $89.45 | +1414% |
| Expensive | 127x | $333 | +5529% |
Historical ranges are pointers, not guarantees.
OPFI's PE is in its cheap range at 2.3x. On analysts' estimates for next year's earnings, today's price would be 4.0x.
AAOI Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
AAOI has the edge over OPFI on the outlook, with more favorable earnings and revenue expectations.
OPFI Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Stable | |
| Stable | |
| Stable | |
| Limited | |
| Moderate |
Analysts expect OPFI's earnings, revenue and profitability to hold roughly steady.
AAOI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.98 | — |
| Q3 2026 | -$0.42 | +$3.02 |
| Q2 2026 | -$0.77 | +$2.81 |
| Q1 2026 | -$0.65 | +$3.43 |
| Q4 2025 | -$0.64 | +$3.86 |
| Q3 2025 | -$3.44 | -$1.41 |
| Q2 2025 | -$3.58 | -$1.70 |
| Q1 2025 | -$4.08 | -$2.29 |
| Q4 2024 | -$4.50 | -$2.75 |
AAOI is still losing money, but far less than before: $0.42 per share over the past year, against $4.50 at its worst in late 2024.
OPFI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.47 | -44% |
| Q3 2026 | $2.62 | +$3.22 |
| Q2 2026 | $2.99 | +$4.15 |
| Q1 2026 | $2.03 | +$2.25 |
| Q4 2025 | $0.99 | +175% |
| Q3 2025 | -$0.60 | -600% |
| Q2 2025 | -$1.16 | -3000% |
| Q1 2025 | -$0.22 | -1200% |
| Q4 2024 | $0.36 | +$0.42 |
OPFI has the edge over AAOI on earnings quality, reporting a profit while its opponent remains loss making.
AAOI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $269.9M | +127% |
| Q2 2026 | $191.9M | +86% |
| Q1 2026 | $151.1M | +51% |
| Q4 2025 | $134.3M | +34% |
| Q3 2025 | $118.6M | +82% |
| Q2 2025 | $103M | +138% |
| Q1 2025 | $99.9M | +146% |
| Q4 2024 | $100.3M | +66% |
AAOI has the edge over OPFI on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -0.5% | +15 points |
| Q2 2026 | -13% | +2.6 points |
| Q1 2026 | -8.6% | +0.3 points |
| Q4 2025 | -8.6% | -2.1 points |
| Q3 2025 | -15% | +10 points |
| Q2 2025 | -16% | +45 points |
| Q1 2025 | -8.9% | +44 points |
| Q4 2024 | -6.5% | +1 points |
AAOI's operating margin was −0.5% last quarter, up 15 points from the same quarter a year ago, near the top of its range since 2019.
OPFI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $92.8M | -11% |
| Q2 2026 | $86.2M | -14% |
| Q1 2026 | $87.3M | -3.9% |
| Q4 2025 | $85.6M | +5.9% |
| Q3 2025 | $104.6M | +15% |
| Q2 2025 | $100.2M | +16% |
| Q1 2025 | $90.8M | +44% |
| Q4 2024 | $80.8M | +23% |
OPFI's revenue is shrinking: $93M last quarter, down 11% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 40% | -6.4 points |
| Q2 2026 | 28% | -16 points |
| Q1 2026 | 41% | -6.3 points |
| Q4 2025 | 36% | +5.6 points |
| Q3 2025 | 46% | +7.8 points |
| Q2 2025 | 45% | +11 points |
| Q1 2025 | 47% | +38 points |
| Q4 2024 | 31% | +17 points |
OPFI has the edge over AAOI on profitability, with a higher operating margin.
AAOI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$369.9M | -$291.2M |
| Q2 2026 | -$265.3M | -$174.4M |
| Q1 2026 | -$143.6M | -$64.3M |
| Q4 2025 | -$104.6M | -$51.6M |
| Q3 2025 | -$78.7M | -$58M |
| Q2 2025 | -$91M | -$86M |
| Q1 2025 | -$79.3M | -$45.1M |
| Q4 2024 | -$53M | -$48.4M |
AAOI has burned cash in almost every quarter: −$883M over the past year, against −$302M the year before.
OPFI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $81.5M | -18% |
| Q2 2026 | $87.4M | -3.9% |
| Q1 2026 | $85.6M | +7.9% |
| Q4 2025 | $111.9M | +24% |
| Q3 2025 | $99.9M | +36% |
| Q2 2025 | $91M | +22% |
| Q1 2025 | $79.4M | +9.8% |
| Q4 2024 | $90.1M | +12% |
OPFI has the edge over AAOI on cash generation, producing positive trailing cash flow while its opponent burns cash.
AAOI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +7.7% | +6.3M shares |
| 1 year | +39% | +24.5M shares |
| 3 years | +168% | +55.1M shares |
| 5 years | +224% | +60.7M shares |
| Available history | +340% | +67.9M shares |
AAOI has the edge over OPFI on shareholder dilution, with a more favorable share count trend.
OPFI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.5% | -465K shares |
| 1 year | +222% | +59M shares |
| 3 years | +439% | +69.7M shares |
| 5 years | +1649% | +80.7M shares |
OPFI has 86M diluted shares, up 222% from a year ago, despite $26M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $6.8M |
| Q2 2026 | $1.2M |
| Q1 2026 | $9.9M |
| Q4 2025 | $8.2M |
| Q3 2025 | $7.4M |
| Q4 2024 | — |
| Q3 2024 | $1M |
| Q4 2023 | — |
OPFI spent $26M buying back its own shares over the past year.
AAOI Net Leverage
AAOI's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
OPFI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.9x | Healthy |
| Q2 2026 | 1.5x | Healthy |
| Q1 2026 | 1.4x | Healthy |
| Q4 2025 | 1.6x | Healthy |
| Q3 2025 | 1.7x | Healthy |
| Q2 2025 | 1.7x | Healthy |
| Q1 2025 | 1.6x | Healthy |
| Q4 2024 | 2.5x | Moderate |
OPFI's net debt is about 1.9 years of its operating earnings (EBITDA), up from 1.6 years a year ago.
AAOI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 35.1 | Neutral |
| Stochastic | 4.8 | Oversold |
AAOI's weekly RSI is 35 (neutral) and its Stochastic is 5 (oversold).
OPFI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 37.2 | Neutral |
| Stochastic | 12.0 | Oversold |
OPFI's weekly RSI is 37 (neutral) and its Stochastic is 12 (oversold).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
OPFI PE vs Technology Sector
| Metric | OPFI | Sector median | Relative |
|---|---|---|---|
| PE | 2.3x | 28x | 92% below |
| PE % | 8 | 39 | 31 pts below |
OPFI is trading at 2.3x earnings, a 92% discount to the Technology sector's median of 28x.
AAOI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $80.2 | 34% below |
| 20 week MA | $100.6 | 47% below |
| 50 week MA | $100.3 | 47% below |
| 100 week MA | $62.3 | 15% below |
| 200 week MA | $36.9 | 43% above |
AAOI has fallen below most of its moving averages, though it's still 43% above its 200-week average.
OPFI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $5.87 | 0.7% above |
| 20 week MA | $7.33 | 19% below |
| 50 week MA | $8.41 | 30% below |
| 100 week MA | $9.61 | 39% below |
| 200 week MA | $6.45 | 8.4% below |
OPFI has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 8.4% below its 200-week average.
AAOI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $11.5 | $8.77 | -24% |
| 2021 | $8.77 | $5.64 | -36% |
| 2022 | $5.64 | $1.95 | -65% |
| 2023 | $1.95 | $19.3 | +891% |
| 2024 | $19.3 | $37.7 | +95% |
| 2025 | $37.7 | $37.2 | -1.5% |
| 2026 YTD | $37.2 | $52.9 | +42% |
AAOI has the edge over OPFI on returns for 2026, with the stronger performance.
OPFI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $9.85 | $10.2 | +3.7% |
| 2021 | $10.2 | $4.85 | -52% |
| 2022 | $4.85 | $2.13 | -56% |
| 2023 | $2.13 | $5.12 | +140% |
| 2024 | $5.12 | $7.65 | +49% |
| 2025 | $7.65 | $11.1 | +45% |
| 2026 YTD | $11.1 | $5.91 | -47% |
OPFI's yearly returns have swung widely, from +140% in 2023 to −56% in 2022. It's down 47% so far in 2026.